And, of course, when you lose money because you're green, pure as the driven snow, lazy or uninformed, what do you do in the land of self-entitlement? You get bitter and sue somebody's butt!
There's a class action lawsuit out there claiming that Facebook CEO Mark Zuckerberg "knew [FB] stock was grossly overvalued" and "sold more than $1 billion worth of the social networks stock just before prices started tumbling."
First of all, he sold the stock before it was a public security. Second, have any of the plaintiffs looked into how an IPO functions? Where do they think the shares for the public offering come from? Santa Claus? Do they grow on trees? Does the tooth fairy leave them under Morgan Stanley's pillow on IPO eve? Private investors sell into IPOs. That's how they work for goodness sake.
And, if Zuckerberg decided to unload because of a drag on revenue, he did it on the aforementioned publicly available information.
Assigning BlameIf anybody deserves to be ripped for what happened when Facebook went public, it's Nasdaq. Unlike the rest of Main Street and large swaths of "investors" looking to make a quick buck, I bought three measly shares of FB shortly after the open on May 18. There was no way I was buying any meaningful number of shares. With the media certain to turn on Facebook, I want as much bad news as possible before I buy. I'm still waiting. In any event, I bought the token shares simply to be part of the process. I am glad I did. Nasdaq screwed up my order as well. It was pending for about four hours before I received confirmation that it even went through. I got hosed. Had I rubbed the rabbit's foot in the morning and bought a large number of shares, I would have been freaking out. But, I didn't. And that's because I have the required knowledge to be part of the game. Please do not take that the wrong way. I have made my share of stupid trading and investing mistakes in the past. I have paid dearly for them. I still make them, however, thanks to experience, I no longer pay dearly. Such is the process called life. We learn from our mistakes.
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